KITCHENER -- A semi-detached home in Kitchener just sold for $300,000 over the asking price, highlighting the surging local real estate market.
The home is located in Kitchener's Laurentian West neighbourhood. It was listed at $500,000. After 53 offers, it sold for $801,000.
Neighbours in the area said they weren't surprised, saying they've noticed a hot market in Waterloo Region.
"I knew this would cause some disruption in real estate in our region, for the sole fact that it's a semi-detached home," said Dan Porlier, the broker behind the sale.
Porlier, who's with Davenport Realty, said offers come from a number of different regions, including the GTA.
"In relation to other areas, it's attractive," he said. "We will continue to draw buyers from outside of our region."
Statistics Canada said Waterloo Region had the fastest growing population in Canada in 2020 as more people looked to move out of big, urban areas.
"It's just driving up that purchase price," said Nicole Pohl, president of the Kitchener-Waterloo Association of Realtors. "We just do not have enough supply and, when there's high demand, that's just the reality of economics."
Residents are worried first-time home buyers will be priced out of a hot market.
